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LPL Strategic Wealth UBS . From $265M Adds Team

A Princeton, NJ-based advisory pair has left UBS to be affiliated with LPL’s Strategic Wealth Services, the large independent broker/dealer announced.

Leslie Schenkler and Daryl Lipkin collectively managed approximately $265 million in advisory and brokerage assets before moving to LPL, where they would form the new independent practice Alcove Private Wealth. The duo will be joined by Eileen Smith, who will serve as the Client Service Manager.

The two teamed up for the first time in 2010, but only recently started doing their own independent practice. Lipkin said both liked how Strategic Wealth Advisors could access LPL’s platform, as well as the business support Strategic Wealth provides teams with immediate concerns about starting a new practice. Lipkin said strategic funding was “a nice sweet spot” for the growing business.

Schenkler has worked in the financial services industry for over 25 years, holding the position of Chartered SRI Counselor from Form to Sustainable and Responsible Investing. Lipkin worked in corporate finance for more than 20 years before becoming a financial advisor in the wake of the 2008 financial crash.

Additionally, last week LPL announced that Pasadena, California-based firm Flow Financial Partners would return to LPL after a stint with Wells Fargo Advisors. The firm has approximately $345 million in advisory, brokerage and retirement assets and includes financial advisors Robert Flo and Marjan Nestani Kharja, as well as directors Chase Edwards and Anthony Minero, and a four-person support staff.

According to LPL, Flow Financial interviewed 18 different firms while looking for a partner before deciding to return as a partner with an independent broker/dealer. LPL said the new firm will rely on LPL for back-office support, including administration and marketing programmes. The firm is also planning to leverage LPL’s support for M&A.

Flow said of the deal, “The relationships we’ve built with our clients span years, even decades, so it was important to align them with a firm that would support them now and for generations to come. “

Earlier this month, LPL Attracted Texas-based consultants Richard DeYoung and Jessica Boehm, who managed approximately $280 million in assets and joined LPL from Wells Fargo to form Highland Wealth Partners.

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